TitleNews Online Archive

TitleNews Online Archive

ALTA-supported Bipartisan Bill to Fix TRID Introduced in House

October 5, 2017

U.S. Reps. French Hill and Ruben Kihuen introduced today an ALTA-supported bipartisan bill to correct the inaccurate disclosure of title insurance premiums on the TILA-RESPA Integrated Disclosures (TRID) and help consumers understand the true cost of their real estate transaction.

The TRID Improvement Act of 2017 amends the Real Estate Settlement Procedures Act (RESPA) to require the Consumer Financial Protection Bureau (CFPB) to allow the accurate disclosure of title insurance premiums and discounts to homebuyers. Under the current regulation, the CFPB does not allow title insurance companies to disclose available discounts for lenders title insurance on the government mandated disclosures.

“We’re thankful Representatives Hill and Kihuen recognize the simple truth that consumers deserve to know how much they will pay when buying and selling a house,” said Daniel D. Mennenoh ITP, NTP, president of ALTA. “For more than three years, we’ve urged the CFPB to make this straightforward change. Our research shows that 40 percent of consumers feel confused by the CFPB’s requirement to provide inaccurate pricing on title insurance. We’re eager to work with Congress and the bureau to eliminate this confusion. Buying a home is an exciting and emotional time for many people. They deserve transparency when making one of the largest purchases of their life, and they ought to receive disclosures that accurately show the cost of the one-time fee that protects their property rights.”

ALTA expects the House Financial Services Committee to vote on the bill in a markup scheduled for next week.